from Counterparties:

MORNING BID – Crypto-sale of the Century

July 1, 2014

Details on the sale of about 30,000 bitcoin have been spare, but what can be inferred by reading through the lines is that the sale of about $18 million went a lot better than many expected - particularly those who expected to get the coins on the cheap somehow. The prevailing market rate at the end of Monday was about $639, according to Coindesk, currently the leader in the pricing world, and the chatter trickling out was that the unsuccessful bidders - including hedge fund Pantera and SecondMarket's Barry Silber, who put together a consortium of more than 40 bidders - aimed too low in one of those "Price is Right" moves but without the warmth of Bob Barker to confront you when you lose on these things.

from Expert Zone:

Indian hedge funds get knocked down but get up again

December 12, 2013

(Any opinions expressed here are those of the author and not of Thomson Reuters)

The fortunes of hedge funds focused on India continue to twist and turn, with many plots and subplots. After witnessing widespread losses and heavy redemptions in 2008, Indian hedge fund managers bounced back remarkably to post a 50 percent return in 2009. They continued their good form in 2010, delivering healthy gains of 12 percent during the year.

from Global Investing:

Emerging equities: out of the doghouse

October 18, 2013

Emerging stocks, in the doghouse for months and months, haven't done too badly of late. The main EM index,  has rallied more than 11 percent since its end-August troughs, outgunning the S&P 500's 3 percent rise in this period. Bank of America/Merrill Lynch strategist Michael Hartnett reminds us of the extreme underweight positioning in emerging stocks last month, as revealed by his bank's monthly investor survey.  Anyone putting on a long EM-short UK equities trade back then would have been in the money with returns of 540 basis points, he says.

from Global Investing:

Pakistan, Nigeria, Bulgaria… the cash keeps coming

August 19, 2013

The frontier markets juggernaut continues. Here's a great graphic from Bank of America/Merrill Lynch showing the diverging fund flow dynamic into frontier and emerging equity markets.

from Global Investing:

Will gold’s glitter dim in India?

April 19, 2013

Indians have reacted to the latest gold prices falls by --- buying more gold. And why not? Aside from Indians' well known passion for the yellow metal (yours truly not excluded) gold has by and large served well as an investment: annual returns over the past five years have been around 17 percent, Morgan Stanley notes.

from Global Investing:

Dollar drags emerging local debt into red

March 21, 2013

Victims of the dollar's strength are piling up.

Total returns on emerging market local currency bonds dipped into the red for the first time this year, according to data from JPMorgan which compiles the flagship GBI-EM global diversified index of domestic emerging debt. While the EMBI Global index of sovereign dollar debt has already taken a hit the rise in U.S. yields, local bonds' problems are down to how EM currencies are performing against the dollar.

from Global Investing:

Making an Impact may be new good

March 6, 2013

If the pure pursuit of greed is no longer good in the post-crisis world, what defines the new "good"?

from Global Investing:

U.S. Treasury headwinds for emerging debt

February 5, 2013

Emerging bond issuance and inflows have had a strong start to the year but can it last?

from Global Investing:

Emerging debt vs equity: to rotate or not

January 11, 2013

Emerging bonds have got off to a flying start in 2013, with debt funds taking in over $2 billion this past week, the second highest weekly inflow ever, according to fund tracker EPFR Global. Issuance is strong -  Turkey for instance this week borrowed cash repayable in 10 years for just 3.47 percent, its lowest yield ever in the dollar market.

from Global Investing:

And the winner is — frontier market bonds

November 22, 2012

Global Investing has commented before on how strongly the world's riskiest bonds -- from the so-called frontier markets such as Mongolia, Nigeria and Guatemala -- have performed.  NEXGEM, the frontier component of the bond index family run by JP Morgan, is on track to outperform all other fixed income classes this year with returns of over 20 percent., the bank tells clients in a note today. Just to compare, broader emerging dollar bonds on the EMBI Global index have returned some 16 percent year-to-date while local currency emerging debt is up 13 percent.